Hub71, Abu Dhabi’s global tech ecosystem, has launched Hub71+ ClimateTech, a specialist ecosystem to support startups worldwide advancing sustainable decarbonisation technologies for a net zero future.
Announced during the 28th UN Climate Change Conference of the Parties (COP28), Hub71+ ClimateTech has launched with several founding and anchor partners committed to carbon reduction technologies and fostering innovative regulatory frameworks.
The new dedicated ecosystem will be based at Hub71 in the UAE’s capital under the jurisdiction of Abu Dhabi Global Market (ADGM), supporting the realisation of the UAE’s Net Zero by 2050 ambitions.
Climate technologies (ClimateTech) help reduce greenhouse gas emissions and address the impact of global warming. As part of Hub71+ ClimateTech, startups worldwide operating in the climate space, from pre-seed to Series A, can join the specialist ecosystem to accelerate their growth and scale globally from Abu Dhabi.
Startups joining the programme will receive AED250,000 ($68,078) worth of in-kind incentives and an initial AED250,000 cash incentive in exchange for equity from Hub71. In addition, high-performing startups are eligible to receive a top-up of up to AED250,000 in exchange for additional equity.
Startups will also be able to leverage the knowledge and expertise of more than 25 corporate and capital partners and policymakers who are at the forefront of environmental sustainability. These partnerships will enable startups to explore commercial opportunities within a business-friendly regulatory framework and tap into VC partners and investors looking to make impactful investments in ClimateTech.
Adnoc, whose decarbonisation plans are backed by an initial allocation of $15 billion (AED55 billion) towards low-carbon solutions, new energies, and climate technologies, is a Founding Partner of Hub71+ ClimateTech. Catalyst, the region’s first clean technology startup accelerator; e& capital, the investment pillar of e& that supports visionary tech businesses and invests in ideas and people to build a brighter digital future; Siemens Energy, one of the world’s leading energy technology companies; Tabreed, the world’s leading district cooling provider; and Abu Dhabi National Energy Company (Taqa), one of the largest listed integrated utility companies in Europe, the Middle East and Africa region are joining Hub71+ ClimateTech as Anchor Partners.
As a Hub71+ ClimateTech Founding Partner, Adnoc is committing AED2.5 million and the opportunity to run specific pilots to support the initiative. In addition, Adnoc Low Carbon Innovation Team will explore specific capital investment opportunities in eligible startups aligned with Adnoc’s strategy. Catalyst is planning to invest in each startup in the programme and startups will be eligible for additional investments from e& capital. In addition, Tabreed and Taqa are committing AED500,000 each to pilots with Hub71+ ClimateTech startups. Siemens Energy is committing to pilot promising startups solutions and mentor breakthrough founders with Hub71+ ClimateTech startups.
To further accelerate growth, startups joining Hub71+ ClimateTech will enroll in a 12-months programme, including a customised and sector-specific three-month course to receive expert mentorship, tailored advice and critical support. Additionally, the supporting partners will collaborate to explore the future of ClimateTech, funding availability for climate ventures and pathways for startups to play a more significant role in the journey to net zero.
Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “As the world continues its momentum towards climate action, we recognise the future will be built on innovative solutions. Startups are at the forefront of harnessing breakthrough technologies, so we created Hub71+ ClimateTech. This collaborative ecosystem offers a platform for climate innovators to thrive, with the support of world-class partners committing substantial capital and expertise.
“ClimateTech is not just a pathway to decarbonisation but offers a solid foundation to contribute to a sustainable future for our planet. We are investing in the success of environmentally focused entrepreneurs and collectively empowering ClimateTech startups to scale globally from Abu Dhabi while making a positive impact that will further promote a sustainable future.”
Hub71+ are specialist ecosystems developed by Hub71, Abu Dhabi’s global tech ecosystem, dedicated to advancing specific technology sectors. Over 100 ClimateTech startups have expressed their interest to expand to the UAE, reflecting Abu Dhabi’s attractiveness as one of the fastest-growing technology ecosystems in the Middle East and North Africa (Mena) region and sixth fastest globally, according to Startup Genome and the Global Entrepreneurship Network.
The specialist ecosystem will support the Abu Dhabi Climate Change Strategy, which aims to achieve a 22% reduction in carbon emissions in the emirate by 2027, in supporting the UAE’s Net Zero by 2050 Strategic Initiative.--TradeArabia News Service